Vazgen Safaryan: Ukraine is a risky partner for Armenia (video)

Ukraine will remain a risky partner for Armenia as long as Russian-Ukraine relations are destabilized, says Vazgen Safaryan, Chairman of Union of Armenian Manufacturers.

He believes that Armenia-Ukraine business ties will become temporarily passive because of the crisis in Ukraine. “Armenian companies that mainly export food to Ukraine will have some reservations, because the balance of payments is not on the proper level, because the Ukrainian economy on the verge of collapse,” he said.

In 2013, the turnover between the two countries totaled $ 240 mln which makes 4.1% of Armenia’s foreign trade turnover. Armenian cognac is especially in high demand in Ukraine, and the sale brings about $9-10 mln to Armenia.

Armenia imports from Ukraine many goods, with cigarette, oil and chocolate being leaders.